The CEOs of YouTube and 23andMe are a part of a gaggle of traders making a $55 million wager on Victoria's Secret challenger ThirdLove
- ThirdLove introduced on Tuesday that it has raised $55 million in a spherical of funding led by consumer-focused private-equity agency L Catterton. The CEOs of 23andMe and YouTube had been among the many different traders.
- ThirdLove stated in a press launch that it was not in search of new capital and that the spherical was put collectively preemptively by its traders.
- The corporate stated that the brand new funding will probably be put towards increasing its assortment and bettering the know-how that it makes use of to assist customers discover the suitable measurement on-line.
A gaggle of traders simply made an costly wager on ThirdLove in a giant vote of confidence that the up-and-coming on-line underwear model can tackle Victoria’s Secret.
On Tuesday, ThirdLove introduced that it has raised $55 million in a spherical of funding led by consumer-focused private-equity agency L Catterton.
Angel traders Anne Wojcicki, CEO of genetic testing firm 23andMe, and her sister Susan Wojcicki, CEO of YouTube, had been among the many different traders.
This funding is a big step up from the $13.6 million in funding it has obtained since launching in 2013. The capital will seemingly assist it to propel into the subsequent stage of progress because it seems to change into the US’ favourite underwear model.
Learn extra: ThirdLove is homing in on Victoria’s Secret’s greatest weak point
“The brand new funds permit ThirdLove to proceed reaching extra girls by increasing its sizes, types, product choices, and match applied sciences, serving to the model to ship on its promise to make merchandise for each girl’s physique,”
co-founder and co-CEO Heidi Zak stated in an announcement on Tuesday.
Earlier this month, the corporate launched eight new sizes, bringing its assortment to 78 bra sizes in whole.
Zak continued: “This new funding spherical permits us to proceed delivering on ThirdLove’s mission to create a bra for everyone. We’re extra devoted than ever to giving all girls the extent of alternative they deserve.”
ThirdLove is a personal firm and isn’t required to report its financials. In an accompanying report, the corporate outlined a 180% annualized progress charge during the last 4 years and stated it has bought over 4 million bras since launching.
ThirdLove entered a market that has lengthy been — and largely nonetheless is — dominated by Victoria’s Secret. It has a protracted strategy to go earlier than it reaches the scale of Victoria’s Secret, which has over 1,000 shops in North America and had pulled in over $four.eight billion in gross sales within the area as of November 2018. Nevertheless, Victoria’s Secret’s market share within the US has fallen by round 9% previously two years.
If historical past has taught us something, nevertheless, it’s that no retailer ought to relaxation on its laurels or depend on its measurement to remain highly effective.
SEE ALSO: These up-and-coming lingerie manufacturers ought to terrify Victoria’s Secret
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